Sesame quadruples losses as Keydata fine bites

Sesame, the adviser network arm of Sesame Bankhall group, has reported a loss for 2012 of £9.3m - four times its losses in 2011 - as a provision for a regulatory fine took its toll.

The Financial Conduct Authority (FCA) fined Sesame £6m in June over its failure to ensure that investment advice given to its clients in relation to Keydata was suitable. Sesame's losses - up from a £2.4m loss in 2011 - include a provision for this fine. Turnover for Sesame increased by £9.8m in 2012 to £180.2m, up from £170.3m in 2011. Sesame said the rise in revenue reflects strong adviser numbers, the resilience of its members and the positive impact of Sesame's broader range of services, with average adviser productivity increasing by 14%. Sesame said it has continued to mak...